The prospects of a delayed British Exit from the European Union as well as a global risk-on sentiment has seen the Pound advance versus the Japanese Yen. From the January 2019 ‘Yen Flash Crash’ lows, the price has made a strong bullish move, however is now trading at it’s channel resistance, with the Relative Strength Index at the highest level since September 2017, suggesting overbought conditions. At current levels, the pair is setting up a short/sell trade.
These are the trade levels:
Short/Sell GBPJPY at current levels: 147.48 or higher
Take Profit: 145.68